MIAMI — Despite months of declining home prices, new data show that sellers are still asking too much for their homes, then slashing prices when the homes don't sell -- a sign that buyers and sellers are still struggling to define fair market value in the aftermath of a boom-and-bust market.
Nineteen percent of the homes on the market nationwide experienced at least one price cut in the last year, selling at an average of 11 percent lower than their original asking prices.
The trend is even stronger in South Florida where the price cuts are more drastic, according to data compiled by Trulia.com, a real estate search database.
In the past year, 23 percent of the Miami-Dade homes on the market had to undergo price reductions to sell. Seventeen percent of the homes in Broward County and 18 percent in Monroe County had at least one price cut.
In some cases, sellers needed to slash tens of thousands -- even hundreds of thousands -- of dollars off their asking prices.
Read the complete story at miamiherald.com